Consequences of working in a chop shop

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Feb 12, 2010 10:10 pm

I'm only just curious, I don't mean to sound like a total sleazeball when I ask this question.  But what are some of the consequences of working at a chop shop as a run of the mill broker/trainee besides the obvious possible legal ramifications (if that even, if someone would care to expand)?  Do you tend to make more or less money as opposed to a legit brokerage?  How badly are clients scammed?  If anyone would care to elaborate on these or any other consequences, that would be great.  Thanks for your time.  For the record, I am not looking to work at a chop shop, but I have cousin of mine who may be getting involved with some shady types out in Chicago.  Thanks again.

Feb 12, 2010 10:52 pm

you will make your first million within three years. I'm gonna repeat that - you will make a million dollars.

Feb 12, 2010 11:02 pm
newrepd:

you will make your first million within three years. I'm gonna repeat that - you will make a million dollars.



lol, it was just a matter of time before the Boiler Room reference rolled in.  touche sir.

Feb 12, 2010 11:28 pm

Quiet down a second. I want you all to know that those pikers at the NASD are finally off our ass. JT Marlin once again has unlimited trading authorization. I told you guys, you can't keep a good man down. We are the superstars now. JP Morgan just faxed over their congratulations. It said, "Welcome to the Club." This also means that the teams headed by Ron and Anthony who were good enough to give up their rep numbers, can stop cold calling and start trading again. Welcome back. To show you guys just how appreciative I am, I have a little something extra for you. I want all of you guys from those teams to go up to suite 418. I hand picked them myself. We're players now, boys, let's celebrate it. Salute!

Feb 12, 2010 11:52 pm
WiAdvisor:

Quiet down a second. I want you all to know that those pikers at the NASD are finally off our ass. JT Marlin once again has unlimited trading authorization. I told you guys, you can't keep a good man down. We are the superstars now. JP Morgan just faxed over their congratulations. It said, "Welcome to the Club." This also means that the teams headed by Ron and Anthony who were good enough to give up their rep numbers, can stop cold calling and start trading again. Welcome back. To show you guys just how appreciative I am, I have a little something extra for you. I want all of you guys from those teams to go up to suite 418. I hand picked them myself. We're players now, boys, let's celebrate it. Salute!



Gotta be honest, I'ma lil disturbed you know that whole quote by heart.

Can I get some real answers now?

Feb 13, 2010 7:30 am

One consequence is that the reputable firms usually won't hire a broker who worked at a bad reputation chop shop.

Feb 13, 2010 9:02 am

You Want details? Fine. I drive a Ferrari, 355 Cabriolet, What's up? I have a ridiculous house in the South Fork. I have every toy you could possibly imagine. And best of all kids, I am liquid. 

They say money can't buy happiness? Look at the f***ing smile on my face. Ear to ear, baby.
Feb 13, 2010 9:04 am

That movie is lame.

Feb 13, 2010 10:00 am
SometimesNowhere:

That movie is lame.

 
I agree. I do think the scene with the gay guys in the bar is funny.
Feb 13, 2010 10:51 am

I know some people that were involved with some shady viaticle settlement deals back in th 90's. They are barred for life. Not to mention if you break securities laws the court you will land in is federal. To try and defend yourself at the federal level going to be $100k at the least.


Feb 13, 2010 11:49 am
HumboldtParkShiner:

I'm only just curious, I don't mean to sound like a total sleazeball when I ask this question.  But what are some of the consequences of working at a chop shop as a run of the mill broker/trainee besides the obvious possible legal ramifications (if that even, if someone would care to expand)?  Do you tend to make more or less money as opposed to a legit brokerage?  How badly are clients scammed?  If anyone would care to elaborate on these or any other consequences, that would be great.  Thanks for your time.  For the record, I am not looking to work at a chop shop, but I have cousin of mine who may be getting involved with some shady types out in Chicago.  Thanks again.

 
Shady characters in Chicago?  He must have joined Obama's administration, or maybe ACORN.  Working at a chop shop is far less shady than Chicago politics so I would not worry about your cousin to much. 
Feb 15, 2010 6:32 am

LOL